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Monday, October 21, 2019 11:03:12 PM
The net worth sweep transferred a fortune from Fannie and Freddie to Treasury. When this suit was filed, the GSEs had paid $195 billion in dividends under the net worth sweep. Under the Agreements more broadly, Treasury had disbursed $187 billion and recouped $250 billion, thanks largely to the net worth sweep.
On page ~39
As a textual matter, the net worth sweep actively undermined pursuit of a “sound and solvent condition,” and it did not “preserve and conserve” the GSEs’ assets.192 Treasury has collected $195 billion under the net worth sweep.193 This alone exceeds the $187 billion it invested.194 After paying back more than the initial investment, the GSEs remain on the hook for Treasury’s entire $189 billion liquidation preference.195 And under the net worth sweep, Treasury has a right to the GSEs’ net worth in perpetuity.196
link: http://www.ca5.uscourts.gov/opinions/pub/17/17-20364-CV2.pdf
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